10-501.   State treasurer fiscal agent of state; designation of fiscalagent by municipalities; banks with trust powers and trust companies.Unless otherwise provided by this section or by K.S.A. 10-625,the treasurer of the state of Kansas is hereby made and designated thefiscal agent of the state of Kansas. The governing body ofany municipality as defined by K.S.A. 10-101, and amendments thereto,authorizing one or more seriesof bonds aggregating not less than$200,000 principal amount for any one sale is hereby authorized to designateandappoint by ordinance in the case of a city, and by resolution for any othermunicipality, a fiscal agent of its choice to provide for payment of thebonds, and interest thereon and obligations issued and made payable by theirtermsat the office of such fiscal agent. Such fiscal agent shallbe a bank locatedin the state of Kansas having trust powers and operating a trust departmentacting in fiduciary capacities, including paying agency functions forstocks and bonds. In addition to the bank inthe state of Kansas designated as a fiscal agent, the municipality maydesignate and appoint one or more trust companies or banks having trustpowers and located in one or more federal reserve cities as co-payingagents with the designated Kansas bank. The trust companiesor banks designated as co-paying agents shall have correspondent bankingrelations with the designated Kansas bank and shall be engaged in theservice of paying agent for municipal bonds. Whenever any municipality designatesa fiscal agent other than the treasurer of the state ofKansas, all such bonds and any coupons issued under authority hereof shall showthe same to be payable at the office of the designated fiscal agent orco-paying agent.

      History:   L. 1874, ch. 75, § 8; L. 1908, ch. 58, § 1; R.S. 1923,§ 10-501; L. 1969, ch. 63, § 3; L. 1983, ch. 49, § 31; May 12.